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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Insurance market at the present stage: Relevant risks and threats

Vol. 15, Iss. 7, JULY 2016

PDF  Article PDF Version

Received: 4 March 2016

Received in revised form: 25 April 2016

Accepted: 16 May 2016

Available online: 27 July 2016


JEL Classification: F63, G01, G22

Pages: 57-64

Podkolzina I.M. Stavropol State Agrarian University, Stavropol, Russian Federation

Subject During 2014–2015, the Russian insurance market experienced the same difficulties as the overall economy: against the backdrop of stagnation, a fall in ruble exchange rate and consumer demand reduction, there was a decrease in the basic capacity of insurance companies. Any noticeable imbalance in favor of any participants of the system hinders the functioning and development of insurance relations up to crisis aggravation and actual destruction of domestic insurance.
Objectives The study aims to analyze the impact of risks existing in the insurance industry and highlight the most significant ones, to identify the key problems of the insurance industry development, which, if solved, may help insurance companies overcome the difficulties faced by the market.
Methods I offer my own point of view on the specifics and methods of research in the insurance market, particularly, research under the crisis.
Results The paper defines ten key objectives of the insurance industry development. The findings may be useful for economists, specialists of financial and credit institutions, risk managers, underwriters, and analysts.
Conclusions The Russian insurance market and the overall national economy are facing experiencing serious difficulties: insurance contributions decreased, while the external conditions of insurers' work are getting tougher. Despite the availability of internal resources of the insurance market to improve the industry's development, it is necessary to solve the problems involving the insurance interests, the regulator, and legislators.

Keywords: risk, insurance, insurance company, financial stability, insurer


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